FED'S BARKIN: LOOKING FOR MORE EVIDENCE OF INFLATION'S DECLINE

BARKIN: FED SHOULD ACT DELIBERATELY, KEEP CLOSE EYE ON ECONOMY

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

US Treasury Auction Calendar

Broad-based Softening In June Underlying Inflation Metrics

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Edges Higher With Focus on Global Demand and Middle East Risks

OIL

Crude markets are regaining some ground after falling yesterday with no signs yet that the Israel ground offensive has caused an escalation of the conflict to the wider Middle East region. Israeli PM Benjamin Netanyahu yesterday said that Israel will not agree to any ceasefire with Hamas.

    • Brent JAN 24 up 0.5% at 86.81$/bbl
    • WTI DEC 23 up 0.6% at 82.82$/bbl
    • Gasoil NOV 23 up 0.6% at 871$/mt
    • WTI-Brent up 0.07$/bbl at -5.26$/bbl
  • Energy markets are weighing the upside price risk of any supply disruption from Iran despite no significant involvement so far against concern for global demand. The latest China Manufacturing October PMI showed a downside surprise back to mid year levels at 49.5 adding to uncertainty over the strength of the China economy towards year end.
  • Weak oil products demand is also weighing on markets ahead of the latest US Fed and BOE central bank meetings later this week.
    • Brent JAN 24-FEB 24 up 0.04$/bbl at 0.77$/bbl
    • Brent DEC 23-DEC 24 down -1.06$/bbl at 6.48$/bbl
  • Backwardation remains supported by OPEC+ supply cuts but most time spreads drifted lower yesterday following the weaker flat price with volatility in the Brent Dec23-Jan24 spread ahead of the Dec23 contract expiry today.
  • Gasoline cracks yesterday reversed earlier gains to be down slightly on the day, while diesel spreads are also falling this month amid weak fuel demand. Diesel cracks remain relatively robust compared to historical levels amid low stocks and tight supplies ahead of the winter heating season.
    • US gasoline crack up 0$/bbl at 10.81$/bbl
    • US ULSD crack up 0.1$/bbl at 39.3$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.